Cyprus bailout talks move to Brussels

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Cyprus bailout talks move to Brussels

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Cypriot President Nicos Anastasiades will be taking part in Sunday morning bailout talks in Brussels as negotiations reach a delicate stage.

Earlier Cyprus had conceded a one-off levy on bank deposits over 100,000 euros.
Employees of Cyprus’ two largest banks protested on Saturday worried that they risk losing their jobs.

Cyprus has until Monday to raise nearly six billion euros to clinch a bailout deal with the EU or lose emergency funding for its banks and risk tumbling out of the eurozone. Elsewhere the island’s supermarkets have seen a surge in spending as people fear the financial crisis could lead to shortages.

Supermarket manager Stratos Hadjichristofiou said:

“We have noticed an increase of about 30 percent, the reasons being that people have become a bit more anxious that food might go out of stock. And this is why you see the average basket now includes more foodstuff than normally.”

Cypriots are struggling to keep life functioning as normal. The banks have been closed for almost a week, while at the same time many shops have stopped accepting credit.